Setting Up a Budget for Your Next Vacation

Spring is here and for most of you, it’s that time of the year when you begin planning for your upcoming spring break and summer getaways!  But planning isn’t just about choosing where to go.  The most important part of it is setting up a budget to make sure that you will be able to afford the trip and avoid going broke after.

To guide you, here are the things that you need to consider when creating a budget for your vacation.

Transportation

This may take up the biggest part of your budget, especially if you are traveling far from home.  Create a budget for all major and minor transportation expenses – airfare, car rentals, parking, gas, trains, bus fare, etc.  Familiarize yourself and research about the different modes of public transportation available to find the cheapest option when getting to and from one place to the other.

Accommodation

Depending on your destination, this is one of the travel expenses that you can splurge or save on.  Hotels can be expensive but there are hostels, guesthouses, or rentals that can be less pricey.  Once you choose your lodging, be sure to multiply the cost by the number of nights that you will be there.  Most rooms have prices for a maximum of 2 persons only so make sure to check the extra costs if you are traveling as a group.

Food

This is the part that can be hard to estimate.  But searching online for blogs and reviews can help a lot.  Restaurants in touristy places are undoubtedly expensive. So if you want to save on your food expenses, eat like a local or cook your own meals if your accommodation permits.

Activities and Other Entertainment

Research and make an itinerary of your trip to know what you will be doing and where you will be visiting.  This way, you’ll know how much you will be spending on your activities and other entertainment.  Most tourist attractions aren’t free so check the exact fees of parks, museums, shows, etc.  If you are going to a resort or a beach, make sure to check the prices of certain activities that you might be doing there.

Shopping and Souvenirs

It’s quite impossible not to purchase something during your vacation so set aside a strict budget for shopping and make sure not to go overboard.  If you’re planning to buy souvenirs for certain people, make a list and set a budget for each person.

Emergency

Last but definitely not the least, set a budget for emergency situations.  You’ll never know when you need it – an accident, important long distance phone calls (if traveling internationally), ticket replacement, etc. Separate your emergency money from your daily budget so that in case your wallet gets stolen, you still have extra cash on hand.

 

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